Clearly, 2022 was a year that in many ways changed perspectives on energy supply and often appeared to generate attempts to reverse the post-1975 trend where real GDP growth has started to decouple from emissions.
The list seeks to highlight fixed income dimensions of this discourse. Benchmark security ISINs and tickers are provided such that exposure can easily be ascertained.
Please contact the team if further cross-sections are needed. Note that the list is neither exhaustive nor constitutes a ranking.
What these deals generally have in common is that they are not well-described to end-investors in related fixed-income instruments. We have sought to broaden understanding and transparency, and provide alternative perspectives on how to interpret the deals. Investors should be given the opportunity to make funding decisions based on full information.
For example, full disclosure on the SUEK Russian thermal coal deal would have helped investors with exposure to the deal to consider index exclusions.
